MI SB0777

Authorizes Michigan Economic Growth Authority to enter into agreements providing tax credits for manufacturing plug-in traction battery packs and related advanced battery technology activities for tax years 2010-2014.

Provides credits for plug-in traction battery pack manufacturing ranging from $500-$2,000 per pack (2011-2012) and $375-$1,500 per pack (2012-2014), with total credits capped at $40-$43 million annually depending on the year.

Allows credits up to 75% of qualified vehicle engineering expenses for battery integration and launch costs, with maximum authorization of $135 million total across all taxpayers.

Permits credits equal to 50% of capital investment expenses for integrative cell manufacturing facilities (up to $25 million per year for 4 years) and 25% for large-scale battery and power management facilities (up to $25 million per year for 4 years) with minimum job creation requirements.

Requires Michigan Economic Growth Authority to issue certificates to qualifying taxpayers and establishes that excess credits may be refunded or carried forward for up to 10 years.